Raphael Tse

HSBC Global Asset Management (Hong Kong) Ltd. (HSBC-GAM HK) is the wholly-owned asset management subsidiary of The HongKong & Shanghai Banking Corp. Ltd. and is indirectly owned by HSBC Holdings Plc (LON: HSBA, ADR: HSBC.PRA) in Great Britain. Headquartered in Hong Kong, the firm originated in 1973 as a banking branch and became part of HSBC Asset Management in 1994. The current firm, formerly known as HSBC Investments (Hong Kong) Ltd., was founded in 2005 when the group's investment management business was reorganized. HSBC-GAM HK provides investment management services to corporate clients, private individuals and institutions.

Core Pacific-Yamaichi International (H.K.) Ltd. (CPYI) is a broker/dealer headquartered in Hong Kong. It was founded in 1969 as Yamaichi International (H.K.) Ltd. In 1998, Core Pacific Group acquired the Hong Kong operation of the Yamaichi Co. and the firm was renamed Core Pacific-Yamaichi International (H.K.) Ltd. It is a subsidiary of Core Pacific Group in Taiwan. CPYI provides trading services to various types of investors.

Oriental Patron Securities Ltd. is a brokerage firm headquartered in Hong Kong. The firm was founded in 1993 and is a subsidiary of Oriental Patron Financial Services Group Ltd., which is owned by Oriental Patron Financial Group Ltd. Oriental Patron Securities provides their client with professional trading services in multiple financial markets, including public and private markets, equity and debt markets, and derivatives markets, etc.

Merrill Lynch Far East Ltd. is the stockbroking subsidiary of Merrill Lynch HK Services Ltd., ultimately owned by Bank of America Corp. (NYSE: BAC) in the US. Headquartered in Hong Kong, the firm was founded in 2003 and offers a broad range of brokerage services to institutional investors.

China Merchants Group Ltd. engages in the provision of transportation development services. It operates through the following business sectors: ports, toll road, shipping, logistics, marine repairing, and trading. The company was founded in 1872 and is headquartered in Hong Kong.

BOC International (China) Ltd. (Broker) (BOC Broker) is the brokerage division of BOC International (China) Ltd. The firm is headquartered in Shanghai and was founded in 2002. BOC Broker provides brokerage services to their clients.

CLSA Ltd. is the Hong Kong-based institutional brokerage subsidiary of CITIC Securities Co., Ltd. (SSE: 600030, SEHK: 6030), a full-service investment bank headquartered in China. Founded in 1986, the firm provides sales and execution services to global investors and corporates.

Macquarie Capital Ltd. is the Hong Kong-based securities brokerage arm of Macquarie Group Ltd. (ASX: MQG), a global financial services group headquartered in Australia. Macquarie Capital offers brokerage services to various investors.

China International Capital Corp. Ltd. (Broker) (CICC) is the brokerage division of China International Capital Corp. Ltd. which was established in 1995 as a strategic partnership between Chinese and international financial institutions and corporations. Headquartered in Beijing, CICC was the first joint venture investment bank in China. The firm's core business departments were investment banking, capital markets, sales & trading, research, fixed-income and asset management. CICC offers a range of brokerage services to international and domestic institutional and individual investors. In 2007 the firm set up a wholly-owned subsidiary specializing in private equity investments and focusing on buyout opportunities within China.

Nomura International (Hong Kong) Ltd. (Nomura International HK) is the brokerage subsidiary of Nomura Asia Pacific Holdings Co. Ltd., which is ultimately-owned by Nomura Holdings, Inc. (TYO: 8604) in Japan. Headquartered in Hong Kong, the firm’s global markets team offers research, sales and trading of global securities to a diverse range of clients globally, including institutional investors, financial institutions, corporates, financial sponsors and government entities. Nomura International HK operates a truly integrated, cross-asset platform which includes research, sales and trading in equities, currencies, rates and credit in cash and derivative products.

Kingsway Financial Services Group Ltd. (Research Firm) (Kingsway-Research) is the investment research division of Kingsway Financial Services Group Ltd., ultimately owned by Sunwah Kingsway Capital Holdings Ltd. (HKG: 0188), a financial services company headquartered in Hong Kong. Kingsway-Research provides research with a focus on the Hong Kong and Chinese markets to individual clients, corporate clients as well as institutional clients. The firm delivers high quality reports, actively looks for undervalued/under-researched situations with considerable upside potential. They focus on regional economics and covers small to mid-cap companies.

China Everbright Research Ltd. is the investment research subsidiary of Everbright Securities (International) Ltd., which is owned by Everbright Securities Co., Ltd. (SSE: 601788; HKEX: 6178) in China. Headquartered in Hong Kong, the firm provides institutional research for both retail and institutional clients.

Merrill Lynch (Asia Pacific) Ltd. (Merrill Lynch-Asia Pacific) is the financial management subsidiary of Merrill Lynch HK Services, Ltd., ultimately owned by Bank of America Corp. (NYSE: BAC) in the US. Based in Hong Kong, the firm provides financial management and advisory services.

China Merchants Securities (HK) Co., Ltd. is a Chinese company that provides brokerage services. It is based in Hong Kong, Hong Kong and ultimately controlled by the Government of China. The company was founded in 1986.

KGI Asia Ltd. is the brokerage subsidiary of KGI Securities Co., Ltd., which is wholly owned by China Development Financial Holding Corp. (TPE: 2883), a financial holding company headquartered in Taiwan. Founded in 1997, KGI Asia offers a broad range of brokerage services to corporate, institutional and individual clients throughout Asia.

SWS Research Co., Ltd. is the investment research subsidiary of Shenwan Hongyuan Securities Co., Ltd., which is owned by Shenwan Hongyuan Group Co., Ltd. (SHE: 000166) in China. Headquartered in Shanghai, the firm was founded in 1992 to offer a wide range of products and services to global investors who want to invest in Chinese equity market. SWS Research provides clients with securities research service that covers over 500 key stocks in Asian market, as well as economics, strategy, bond, fund and derivatives research. Their clients include almost all major domestic institutional investors such as mutual funds, insurance companies, banks and trusts. They also serve QFII and other overseas institutional investors.

Part of GF Securities Co., Ltd., GF Securities (Hong Kong) Brokerage Ltd. is a licensed firm recognized by the Hong Kong Securities and Futures Commission. The company offers a range of services including Hong Kong and US stock trading, stock quotes, bond and fund investments, wealth management, investment immigration, and ESOP. The company is based in Hong Kong, Hong Kong. GF Securities (Hong Kong) Brokerage is a wholly-owned subsidiary of GF Holdings (Hong Kong) Corporation Limited, which was established in 2006 and approved by the China Securities Regulatory Commission. The Chinese parent company manages and plans the business of GF Securities' wholly-owned subsidiaries in Hong Kong, including GF Securities (Hong Kong) Brokerage, GF Financing (Hong Kong) Co., Ltd., GF Asset Management (Hong Kong) Limited, GF Investment (Hong Kong) Co., Ltd., and GF Global Capital Limited. GF Investment (Hong Kong) Co., Ltd. and its subsidiaries are the overseas investment and private equity management platform of GF Securities, with extensive experience in domestic and foreign private equity and M&A investment and capital market operations. The company has established a variety of funds, including Pre-IPO, cross-border M&A, growth funds, and healthcare funds, with a focus on biomedicine, TMT, high-end manufacturing, and consumer sectors.

BOCOM International Securities Ltd. (BISL) is the wholly-owned brokerage subsidiary of BOCOM International Holdings Co. Ltd., itself a wholly-owned subsidiary of Bank of Communications Co., Ltd. (PK: BCMXY) in China. The firm was created in 2007 when BCOM Securities Co. Ltd., restructured and became BOCOM International Holdings Co., Ltd., establishing BOCOM International-Asia, BOCOM International Securities Ltd., and BOCOM International Asset Management Ltd. as wholly-owned subsidiaries, each specifically designed to focus on their unique businesses. Based in Hong Kong, BISL specializes in providing platforms for securities, futures, contracts trading and margin financing business activities. Clients can place trading instructions directly to investment advisors via designated telephone lines, including a secured on-line trading platform for both securities and futures contracts. As a member of the Hong Kong Stock Exchange, the firm provides direct execution via the AMS/3 System to their clients for all Hong Kong listed shares.

JK Capital Management Ltd. (JK Capital) is an independent asset management firm headquartered in Hong Kong. The firm was founded by Randolph Kwei and Fabrice Jacob in 1997 as MYM Capital Ltd. JK Capital offers a range of equity and fixed income SICAV retail mutual funds that are distributed throughout Europe, in addition to a US-registered Limited Partnership aimed at US institutional investors and US family offices. They also run dedicated mandates that meet the specific investment criteria of highly focused institutional investors. JK Capital is a signatory of the United Nations-supported Principles for Responsible Investment (UNPRI) and a member of the Task Force on Climate-Related Financial Disclosures (TCFD), CDP and Board Diversity Hong Kong.

BlackRock Asset Management North Asia Ltd. (BAMNAL) is the investment management subsidiary of BlackRock HK Holdco Ltd., itself a subsidiary of BlackRock Inc. (NYSE: BLK) in the US. The firm was founded in 1998 and formerly known as Barclays Global Investors North Asia Ltd. They renamed into BlackRock Asset Management North Asia Ltd. in 2009 when BlackRock merged with Barclays Global Investors. Headquartered in Hong Kong, BAMNAL manages assets for institutional clients, pooled investment vehicles and US registered investment companies, including ETFs. Mandates include equity and real estate strategies.

Daiwa Capital Markets (Hong Kong) Ltd. (Daiwa HK) is a securities brokerage firm headquartered Hong Kong. The firm is a subsidiary of Daiwa Capital Markets Asia Holding BV, ultimately owned by Daiwa Securities Group, Inc. (TYO: 8601) in Japan. Founded in 1970, Daiwa HK offers brokerage services to an established international client base.

Morgan Stanley Asia Ltd. (MSA) is a broker/dealer headquartered in Hong Kong. The firm was founded in 1987 and is a subsidiary of Morgan Stanley (NYSE: MS) in the US. MSA provides institutional securities such as equities, fixed income, derivatives and research.

Jefferies Hong Kong Ltd. is a securities brokerage firm headquartered in Hong Kong. The firm is a subsidiary of Jefferies Group LLC, which is owned by Jefferies Financial Group, Inc. (NYSE: JEF) in the US. Jefferies Hong Kong is a client-focused full-service sales, trading and capital markets platform across all equity and fixed income securities. They provide an array of trading and execution services for their clients.

Haitong International Research Ltd. (HTIRL) is an investment research firm headquartered in Hong Kong. The firm is a subsidiary of Haitong International Securities Group Ltd. (HKG: 0665), itself owned by Haitong Securities Co. Ltd. (SHA: 600837) in China. HTIRL provides fundamental research and analysis to retail, institutional and high net-worth clients. They aim to provide timely, value-added research on listed companies. The Haitong Research team covers around 25 companies from the Banking, Telecoms, IT, Media, Gaming and Retail sectors.

Huatai Financial Holdings (Hong Kong) Ltd. (Huatai Financial) is a broker-dealer headquartered in Hong Kong. The firm was founded in 2006 and is a wholly-owned subsidiary of Huatai Securities Co., Ltd. (SHA: 601688; HKG: 6886) in China. Huatai Financial offers well established financial services to their clients worldwide, which include investment banking, private wealth management, research and institutional sales, FICC trading, cross-border financing, equity and derivatives trading, asset management and US asset management (through AssetMark). Their target is to provide a seamless platform for their parent company’s extensive client resources to explore international opportunities, as well as to offer world class services to their institutional investors to gain access to the mainland domestic market.

Part of Bank of America Corp., Merrill Lynch Securities (Taiwan) Ltd. is a brokerage service provider. The company is based in Taipei, Taiwan. Merrill Lynch Securities (Taiwan was founded in 2008.

BOCI Research Ltd. is an investment research firm headquartered in Hong Kong. The firm was founded in 1998 and is a subsidiary of BOCI Asia Ltd., ultimately held by Chinese government’s China Investment Corp. BOCI Research primarily provides research reports and analysis on China with a focus on telecommunications, property, media, retail, technology, energy, oil and gas, metals and mining, utilities, financials, and transport and logistics sectors.

Everbright Securities Investment Services (HK) Ltd. (Everbright Securities-HK) is the Hong Kong-based investment research subsidiary of Everbright Sun Hung Kai Co., Ltd., ultimately owned by Everbright Securities Co., Ltd. (SSE: 601788, HKEX: 6178), a securities brokerage headquartered in China. Formerly known as Sun Hung Kai Investment Services Ltd. Everbright Securities-HK provides research reports and analysis for various investors.

China Galaxy International Securities (Hong Kong) Co., Ltd. (CGIS HK) is the Hong Kong-based brokerage subsidiary of China Galaxy International Financial Holdings Ltd., ultimately held by state-owned China Investment Corp., a sovereign wealth company headquartered in China. CGIS HK provides proprietary trading and trading agent for various marketable securities.